Selling or Mining Crypto Will Be Punished by Up to Ten Years of Prison Time in India  

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Mon, 07/15/2019 - 13:47
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    India seems hell-bent on its intention to put the brakes on the country’s already struggling cryptocurrency industry 

Selling or Mining Crypto Will Be Punished by Up to Ten Years of Prison Time in India  

Tech lawyer Varun Sethi has recently revealed an anti-crypto bill that was allegedly drafted by the Indian government (its authenticity is yet to be confirmed).

If the bill gets the green light, India will ban holding, trading or mining any cryptocurrency, but it will issue its very own “Digital Rupee.”

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The end of the road

India is far from the most Bitcoin-friendly countries. Back in 2018, the Reserve Bank of India (RBI) issued a banking ban, but digital assets are still concerned legal in the country

Things got much worse for the local crypto community on June 17 after it was confirmed that the government was taking actions to prohibit any digital assets.

Section 9 of the draft bill, the whole version of which is available on Scribd, explicitly states that all cryptocurrency-related activates are illegal.

Violating the new law will result in a fine or prison time (up to ten years).

 India’s tough stance on crypto

Skirting the ban

Even if India does ban crypto, savvy investors will find a way to circumvent it. For instance, they could send Bitcoin abroad and transfer fiat money back to their country.

The Monsoon Session of Parliament won’t touch this bill, and that means that it won’t be passed anytime soon.

The newly emerging Digital Rupee, which was shelved earlier this year, also doesn’t get in line with India’s harsh stance on crypto.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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